Asset management company Blackrock recently refuted rumors about launching an exchange-traded fund (ETF) linked to XRP. The false news had initially caused a temporary surge in the value of XRP by more than 10%, but it later lost those gains.
Blackrock has no plans for an ETF tied to XRP
The asset manager debunked the news and stated that it is not pursuing such an initiative, clarifying that a regulatory document misinterpreted as a step toward the XRP ETF is false. Despite XRP’s initial rise in value, the cryptocurrency has since corrected its intraday price, returning to around 65 cents.
BlackRock challenges SEC on crypto ETFs
BlackRock is currently facing the US Securities and Exchange Commission (SEC), arguing that spot market cryptocurrency ETFs do not differ substantially from futures-based ETFs. The company believes the distinction between the two types of ETFs is arbitrary and suggests that both should be approved.
BlackRock investigates an Ethereum ETF
BlackRock is considering expanding its presence in the cryptocurrency sector with a potential Ethereum-based Exchange-Traded Fund (ETF). The company is preparing the ground for a potential spot ETF on Ethereum, as indicated by the application for an iShares Ethereum (ETH) Trust. No formal proposal has been submitted to the SEC at this time. This move follows BlackRock’s previous submission of a spot ETF on Bitcoin to the SEC. If BlackRock proceeds with the Ethereum spot ETF, it would join other financial institutions in similar initiatives.
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